Twitter needs help. The time of the social media giant is quickly running out if they can’t rebuild their relevance and increase revenue as a result. This is the biggest reason that Dick Costolo is out and a permanent replacement is being sought. First and foremost, they must figure out how to be the source for news that they once were for a short time before sites like Facebook were able to take advantage of the real-time system that helped Twitter get big. With this comes additional users, which will bring additional revenues, which could be the only that can save Twitter from going the way of MySpace.

Here, in 140 character or fewer, is some free advice for Twitter’s next chief executive: Focus on live events. People never tire of gabbing about what’s going on right now. Twitter could be the best place for that. Do it fast.